DigitalBits launches “PowerStake” program, with 30% APY on AstraX mobile
Dear AstraX users,
It is with great pleasure that we announce the release of the first “PowerStake’’ program on the Digitalbits blockchain. This first-of-its-kind initiative will kick off on May 23rd, 2023, and will last for 60 days. Official launch will be followed by a broader communication on that day.
This initiative is called “PowerStake’’ which is designed to encourage the usage of Digitalbits technology by rewarding users of its first non-custodial mobile wallet, AstraX.
This reward will be provided to all existing AstraX mobile users, as well as new ones.
Users can enroll in “PowerStake ‘’ by simply keeping custody of digitalbits coin (XDB) as of May 23rd 2023, and will be seamlessly rewarded in XDB coin with a 30% APY, which corresponds to a 5% reward over 2 months. Eligible users will be rewarded on each involved AstraX mobile account within 30 days from “PowerStake’’ program completion.
This reward will take into account the effective time of the fund’s custody within AstraX mobile. Users will receive the 30% APY (5% net reward) only if they keep the funds on AstraX mobile for 60 days. Should AstraX mobile users keep their funds for a shorter period than 60 days, starting May 23rd until July 22nd, they will receive an adjusted reward which corresponds to the custody period on AstraX mobile.
The “PowerStake” program will solely reward AstraX mobile users which store a maximum amount of 5,000,000 XDB coins per account on the mobile app. Users whose holding amount exceeds 5,000,000 XDB coins will receive a reward calculated over 5,000,000 XDB coins. Exchange wallets are excluded from this program.
By the cutoff date, namely 22nd July 2023, eligible users must update their AstraX mobile app to the latest version, and ensure push notifications are enabled.. This is a must have condition to fulfill to qualify for the rewards.
This will be constantly reminded over the next weeks as the program goes on.
It is key to understand that “PowerStake’’ aims at encouraging the adoption of Digitalbits technology with the goal to experience the latest product’s features.
And one more (key) thing: the final corresponding amount of the total XDB “PowerStake’’ rewards will be burned from XDB token supply from Digitalbits Foundation. This means that the total supply of XDB coins, currently 20 Billion, will be reduced accordingly.
This program anticipates the Digitalbits upcoming mainnet upgrade (Soho v18) which will introduce the first DEX (Decentralized Exchange) with new rewards and staking programmes.
AstraX is the first non custodial wallet fully integrated into the Digitalbits blockchain which includes a very effective on-ramp system through the compliant payment processor Simplex. It allows a very simple and secure custody of the native digitalbits coins (XDB) as well as the ability to keep custody of other digital assets including NFTs minted on the Digitalbits blockchain.
AstraX is a non-custodial wallet which means that end users are responsible for safely storing funds and private keys — no one else beside them can have access to them. The 30% APY is calculated upon the effective time and amount of XDB coins kept in custody over each AstraX mobile account provided that it does not exceed 5,000,000 XDB.
AstraX mobile is a non-custodial wallet which doesn’t process any personal data and none, beside users, have access to sensitive information such as password and private keys. Not your keys, not your coins! Users should carefully keep custody of passwords and private keys themselves as there will not be any possibility to recover them if they got lost by the users themselves. Users are solely responsible for the custody of their funds and should ensure to have fully understood the principles of digital assets storage and how to deal with security measures. This is to ensure the maximum of privacy and security in sync with the vision of building and expanding the decentralized web, called “web3”.
“PowerStake’’ requires users to download the latest version of AstraX mobile, either from Apple Store or Google Play, and to keep digitalbits (XDB) coins stored on it over “program’s period of time.
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